ABS-CBN Corp. said Tuesday net loss narrowed to P1.46 billion in the first half from P3.39 billion a year ago, as advertising revenues rose during the election period.
Rival GMA Network Inc., meanwhile, posted a profit of P4.01 billion in the same period, on the back of higher political and traditional advertising revenues.
ABS-CBN said consolidated revenues grew 16.2 in the first six months to P9.5 billion from P8.15 billion last year. Advertising revenues went up 47.3 percent to P3.2 billion, attributable to both political placements and growth in regular advertising as the company continued to expand coverage through partnerships.
Consumer sales increased 4.5 percent to P6.19 billion mainly from the licensing and syndication of the company’s films and programs library .
GMA, on the other hand, reported a net income of P4.01 billion from January to June, up by 10 percent from P3.66 billion in the same period last year.
Consolidated revenues reached P11.94 billion, higher by 13 percent than P10.57 billion last year.
“The influx of political advocacies and advertisements for this year’s national and local elections during most part of the first semester propelled GMA’s top line to reach yet another milestone,” the network said.
GMA Network said core channel GMA-7 lead other revenue platforms and grabbed the lion’s share of total revenue pie.
“Incremental sales from election-related load was instrumental in attaining this feat as the network was the most widely viewed free-to-air broadcast media with the most extensive reach nationwide,” GMA said.
It said the sale of merchandise, mainly the set-top box and dongle, raked in P181 million in the first half.